Slaughter and May is advising TSB’s board after an IT disruption at the bank meant customers were unable to access their accounts, The Lawyer understands.
The firm is understood to have been brought on board ahead of a Parliamentary hearing this afternoon.
TSB’s chief executive Paul Pester will face questions from the Treasury Committee after an IT upgrade from Lloyds Banking Group’s IT platform to TSB’s left some customers without online access.
Pester said “I want to reassure the committee that we are working around the clock to put things right for our customers”.
TSB was spun out of Lloyds post-financial crash when the UK Government took a stake in Lloyds Banking Group.
TSB was separated from Lloyds and floated in 2014, before it was acquired by Banco Sabadell in 2015. Herbert Smith Freehills partner James Palmer won the top role for TSB on the sale and also advised on the IPO.
Slaughters meanwhile took the lead for the UK Government in deals after the financial crash. HM Treasury turned to the firm on the £17bn capital injected into Lloyds TSB in 2009.
TSB declined to comment. Slaughters declined to comment.
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